Saturday, July 17, 2010

Obamaland Pension Meltdown Updatenline

Obamaland Pension Meltdown Update - Exchequer - National Review Online
"And so it was prophesied: Illinois is headed into a public-pension death spiral even sooner than predicted.
The Land of Obama leads the way.

The state of Illinois — broke, overleveraged, and still refusing to get its accounts in order — is up to something interesting: selling bonds to meet its pension obligations.
As one of the many states that refuse to set aside adequate money to fund its public-employee pensions, Illinois is headed to the debt markets to raise $3.7 billion for pension liabilities to get it through the year.

This is a double dip: In January, Illinois sold $2.4 billion in bonds for pension obligations.

Actually, make that a triple dip: It sold $10 billion in bonds to fund its pension liabilities in 2003."

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